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April Retail Sales Showed Moderate Growth
May 9, 2024
Retail sales in April showed a modest uptick compared to the previous month, according to the latest CNBC/NRF Retail Monitor. However, a year-over-year decline was observed, attributed largely to the timing of Easter. Despite this, consumer spending remains a significant driver of economic growth.
Total retail sales, excluding automobiles and gasoline, saw a 0.26% seasonally adjusted increase month over month in April, yet experienced a 0.6% unadjusted decline year over year. Core retail sales, which exclude certain sectors, rose by 0.4% month over month and remained nearly unchanged year over year, down by just 0.05%.
The year-over-year decline is largely attributed to the timing of Easter, which fell in April last year but shifted to March this year. Additionally, April had two fewer weekend days compared to the previous year. However, total sales for the first four months of the year remained positive, with a 1.82% year-over-year increase, and core sales saw 2.31% growth.
Unlike traditional survey-based approaches, the Retail Monitor utilizes actual credit and debit card purchase data compiled by Affinity Solutions, providing a more accurate and reliable understanding of retail sales trends.
April sales saw growth in various retail categories on both monthly and yearly bases. Online and non-store sales showed strong performance, up by 1.18% month over month and 13.88% year over year. Health and personal care stores, as well as building and garden supply stores, also experienced notable growth.
However, certain sectors faced challenges. Grocery and beverage stores, for instance, saw declines both month over month and year over year. Despite this mixed landscape, consumer focus on value and price remains consistent, driving shifts in spending patterns where necessary.
As the retail landscape continues to evolve, understanding these nuanced trends provides valuable insights into consumer behavior and preferences, shaping strategies for retailers navigating an ever-changing marketplace.
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